SMART Finance News You Can Use

During FY21, MDE eliminated using object 545 with finance 302. Prior to FY21, districts would credit account E01-005-850-302-545-000 and debit E01-005-850-000-545-000 to eliminate an Operating Capital Deficit (B01-424-000). Currently, to eliminate an FY21 deficit, auditors/districts were posting an entry debiting 01-422-000 and crediting B01-424-000. On August 13th, MDE reinstated using object 545 with finance 302 for FY21. The chargeback method used to eliminate deficits in ...

There was a change in our software for the default images for Invoices and PO’s. This is for the districts that have separate logos or signatures attached. We instructed everyone to change the image when you sign into SmartFin each day, but you have to do it every time you sign in.We have done an update to the software that will allow us to permanently set a default by user for these so that you won't have to change it every time you sign in. If you would like us to set this up fo...

If a school district or charter school decides to apply and receives funds from the Emergency Connectivity Fund, the appropriate code is Finance Code 599 to record the revenue and expenditures. Use source 500 with the revenue account

Beginning July 1st, districts are required to comply with the new accounting rules for leases. You can find these new accounting instructions starting on the bottom of page 13 of our yearend book, or in MDE’s School Business Bulletin #68. Click on this link to access MDE’s School Business Bulletins Financial Management (mn.gov).